FEDSpeak – in virtual union about higher rates (along with Dimon “too early to declare victory vs. inflation”) – Fed Funds terminal rate now 5.122%. USDindex holds at 1-mth highs in flat FX markets, US10yr yield 3.653. Google’s AI the “Bard” bombed (got a wrong answer in a promo demo) – #Alphabet shares tanked -9% at one point but closed -7.7% before recovering back to flat after hours. One to Watch at US Open later, along with #DISNEY – Earnings & Revenue beat (+5.4% after hours)- Iger announced 7k job losses (3.6%) as Disney+ subscribers fell for first time since launch in 2019. #TOYOTA profits up 23% overnight & Siemens & Volvo earnings also beat too. USOIL up again to $78.50, Gold holds key $1880, BTC $22.6k.
FX The USD Index, holds at the 103.00 but a ted cooler today at 103.13, EUR holds over 1.0700 at 1.0734, JPY holds over 131.00 at 131.25 and Sterling (best performer overnight) is testing 121.00 from 1.2025 lows on Wednesday.
Stocks – The US markets tanked (-0.61% to 1.68%) lead by #Alphabet US500 -1.11% (-46.14) 4117, holding the key 4100. US500 FUTS struggled at 4175 resistance, 4145 now.
Commodities – USOil – Futures rallied again to trade at $78.50 today from $72.20 lows on Monday. Gold – Advanced from $1865 lows yesterday to $1880 resistance again now.
Cryptocurrencies – BTC – Tested $22.3k lows yesterday, before lifting back to $23.7k now.
Today – EU Leaders Summit (inc.Zelenskiy), Weekly Claims Speeches from BoE’s Bailey, Pill, Tenreyro, Haskel, ECB’s de Guindos, . Earnings PepsiCo, Phillip Morris, AbbVie, PayPal & Kellogg.
Biggest FX Mover @ (07:30 GMT) GBPAUD (+0.65%). Sank from a test of 1.7450 yesterday to 1.7350, before rallying again to 1.7380 today. MA’s now flat, MACD histogram & signal line positive but declining, RSI 48.75 & neutral, H1 ATR 0.00200, Daily ATR 0.01558.
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Stuart Cowell
Head Market Analyst
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